Halo, Tribute drill 0.41 m of 68 g/t Au at Bridget Lake

2010-06-03 11:09 ET - News Release

See News Release (C-HLO) Halo Resources Ltd

Ms. Lynda Bloom of Halo reports

HALO REPORTS HIGH GRADE GOLD AT BRIDGET LAKE

Halo Resources Ltd. has released high-grade gold intersections for the diamond drill hole completed on the joint venture property its holds with Tribute Minerals Corp., part of the West Red Lake holdings. Results of up to 68 grams per tonne gold over 0.4 metre within a 4.3-metre mineralized interval were reported in siliceous dolomitic breccia, an entirely new and prospective style of mineralization. The drill hole intersection falls between two known zones of narrow quartz veins at surface that host visible gold and assay up to 161 g/t gold.

"As reported previously, Halo has been very encouraged by the widespread presence of gold-bearing quartz veins and was confident that they were indicative of gold mineralization hosted at depth. These new results are the first time that high-grade gold has been reported associated with sulphides rather than from quartz veins in this area. This is also the deepest hole that has ever been drilled in the prospective stratigraphy that can be traced a couple of kilometres both east and west," said Lynda Bloom, president and chief executive officer. "The mineralized intersection is still only approximately 250 m from surface, and appears to be associated with an airborne geophysical signature that extends east-west across Bridget Lake for about 400 metres. Historically, explorers have only scratched the surface and this new style of mineralization creates an important target for Halo."

Halo has an option to earn a 65-per-cent interest in Tribute's Bridget Lake claims (see Stockwatch news dated Oct. 27, 2008).

Technical highlights

Drilling in March extended a 2008 drill hole (RL08-009) beneath Bridget Lake from a depth of 307 m to 411 m. This drilling intersected mostly siliceous dolomitic breccia that is the dominant component of a thick package of chemical sediments beneath Bridget Lake.

Between depths of 391.5 m and 395.9 m, several intervals contained angular pyrite clasts that assay high-grade gold values, with one sample reporting 68 grams per tonne over 0.41 m (see table). Samples were not submitted for assay through the entire section, and additional sampling is planned. If the worst case is assumed and the intervening samples have zero gold content, the 4.23-metre-wide interval averages 8.36 grams per tonne gold and 3.34 grams per tonne silver. True widths are unknown, as the orientation of the mineralization has not been determined. The dip of the extended drill hole was measured between 33 to 45 degrees downhole.

From (m)        To (m)      Length (m)     Gold (g/t)   Silver (g/t)

391.59          392.00           0.41           68.0           25.1
393.54          393.94           0.40           0.67            0.3
394.24          394.54           0.30           18.2            8.6
394.80          395.19           0.39           0.23            0.2
395.54          395.82           0.28           5.97            3.8

The discovery intersection is located approximately 300 m east of seven shallow drill holes (939 m) completed by Tribute in 2002 that reported moderate to intense alteration (silicification and carbonatization) and narrow mineralized intersections, up to 4.5 g/t gold over one m. As previously reported (see Stockwatch news dated Dec. 9, 2009), Halo's 2009 surface channel samples reported gold grades of 161 g/t (4.7 ounces per ton gold) over a 1.1-metre length along a quartz vein selvedge in the vicinity of Tribute's drilling.

The 2010 drill hole intersection is also approximately 400 m west of quartz veins hosting visible gold that outcrop on the north shore of Bridget Lake. Grab samples collected by Halo from a nearby trench reported values from 1.6 to 60 g/t gold, and 10 samples averaged 27.7 g/t gold.

The chemical sediments that host the high-grade gold intersections extend several kilometres east and west; Halo controls the full-known extent of this stratigraphy through joint ventures with Red Lake Gold Mines (a general partnership of Goldcorp Inc. and Goldcorp Canada Ltd.) and Tribute. There are historical trenches and numerous gold-enriched grab samples collected by Halo in the chemical sedimentary unit, but there has been very limited exploration work since the 1970s. Attractive inverse polarization high chargeability and airborne electromagnetic anomalies provide immediate targets for 2010 fieldwork and future drill targets.

All samples are one-half sawn drill NQ drill core. Sample preparation, assaying and assay quality control are consistent with procedures outlined in Stockwatch news dated Dec. 9, 2009.

The above information has been prepared under the supervision of Ms. Bloom, PGeo, who is designated as a qualified person with the ability and authority to verify the authenticity and validity of the data.

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